certify
Home arrow Article arrow Article Detail

Bank of Russian of Federation to Test International Crypto Payments

Profile Image

Joyashree Dey Follow

INDIA

Dec, 29 2022

Dec, 29 2022

likes | comments 0

Article Image

On December 19, Olga Skorobogatova, the first deputy chairman of the monetary authority, announced that the Central Bank of the Russian Federation (CBR) intended to test using cryptocurrency to settle foreign trade.


“We are now planning, within the framework of the experimental legal regime that we are preparing, to try the use of cryptocurrency for international settlements, that is, for foreign economic activity,” she said, quoted by the Tass news agency.


In a speech to the State Duma, the lower chamber of the Russian parliament, Skorobogatova described the specifics of the pilot project. However, she made no specific reference of the participants in the market.


Moscow's government organisations have been working to include decentralised cryptocurrencies into the rules governing virtual currency. Despite the fact that the central bank had previously vehemently opposed their legalisation in Russia, it has since modified its position in light of Western sanctions relating to the invasion of Ukraine that have limited the nation's access to foreign markets and finances.


According to Alexey Moiseev, deputy minister of finance, and the monetary policy regulator, cross-border cryptocurrency settlements are necessary for Russia to operate in the current environment. This finding was made public in September.


The CBR, however, is still opposed to allowing domestic cryptocurrency payments as well as the unrestricted use of virtual currencies like bitcoin in Russian law. As long as the produced cryptocurrency is only traded outside of Russia or within particular legal frameworks, it recently endorsed laws aimed at controlling mining. 


likes | comments 0

Profile Image

Joyashree Dey

CBW - External Analyst

INDIA

Comments
Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
banner
Article
Nasdaq to Launch Crypto Custody Services by End of Q2

According to a story that was published on Friday by Bloomberg, Nasdaq (NDAQ) is planning to launch its cryptocurrency custody services by the end of the second quarter..;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.